An affiliate of Madison Realty Capital has secured a $285 million bridge loan for refinancing Greenpoint Central, a newly built, 473-unit Class A multifamily property in the Greenpoint section of Brooklyn, N.Y.
The bridge loan refinances $119.4 million and $59.8 million worth of construction loans from Elliott Management that were originated on Jan. 4, 2024, according to Yardi Matrix data.
A Walker & Dunlop Capital Markets Institutional Advisory team led by Managing Director Sean Reimer, Senior Managing Directors Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Dustin Stolly alongside Marketing Director Ari Hirt and Capital Markets Analysts Cole Grims and Nicholas Gilhooley arranged the loan from TPG Real Estate Credit.
Reimer said in prepared remarks that Walker & Dunlop represented Madison in refinancing the construction loan, supporting funding reserves, closing and the return of equity to investors.
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New York-based Madison Realty Capital is a private real estate credit manager focused on commercial real estate lending strategies. The firm and its affiliates currently manage $23 billion in assets on behalf of global institutional investors. The firm has completed $70 billion of real estate credit transactions since 2004. Madison has also invested in equity and development deals across real estate sectors including multifamily and retail. In September, Madison closed the Madison Realty Capital Debt Fund VI LP with just over $2 billion in equity commitments.
Specs of Greenpoint Central
Located at 65 and 75 Dupont St., the eight-story property has views of the East River and is proximate to Brooklyn’s Williamsburg neighborhood, Long Island City in Queens and Midtown Manhattan via the G train and NYC Ferry. The waterfront neighborhood has a mix of local boutiques, award-winning restaurants, artisanal coffee shops, bike paths and parks including McCarren and Transmitter.
Greenpoint Central is comprised of studio, one- and two-bedroom apartments. Developed through Affordable New York’s 421(a) Option C and Inclusionary Housing programs, the property has 70 percent market-rate units and 30 percent affordable units. A mixed-use asset, the property also has 19,589 square feet of retail space on the ground and cellar floors.
The project, designed by Hill West Architects, was built in two phases, with 75 Dupont St. coming online in October 2024 and leasing underway for the second phase at 65 Dupont St. The units have above-average ceiling heights with select apartments featuring 12- and 15-foot lofted ceilings and outdoor space. All the residences have in-unit washers and dryers, quartz countertops, stainless steel appliances and large windows.
Greenpoint Central features 15,000 square feet of interior amenities and 30,000 square feet of exterior amenities. The community has a game room, media lounge, business center, library, children’s playroom music room, pickleball and tennis court, golf simulator, shared laundry facilities, pet spa, bike storage and tenant storage. Outdoor amenities include a rooftop deck with grilling stations and a sun deck. The property has on-site parking with nearly 200 spaces.
Green light in Greenpoint
According to Samir Tejpaul, managing director and head of capital markets at Madison Realty Capital, Greenpoint Central is well positioned to offer new rental options to meet the sustained demand in the Williamsburg-Greenpoint submarket. While there are currently 1,200 units under construction in the submarket, Tejpaul noted on average only about 850 new units deliver each year.
The market is busier on the finance and investment front, with several other owners and operators securing financing for their developments in the submarket. Last month, Investmates received $81 million in construction financing for 19-29 Clay St., a 68-unit luxury condominium development in Greenpoint. S3 Capital Partners originated the note for the development as well as a $12 million land loan for the project in 2022.
In August, Domain Cos., LMXD and master developer Park Tower Group received $114 million in financing for the next phase of Greenpoint Landing, an ongoing master-planned community that will bring 1,000 mixed-income units to the area. The new buildings will be located at 21 Freeman St., 37 Freeman St. and 209 West St., and the project will also include 20,000 square feet of retail space and a waterfront park. Most of the financing came from Bank OZK, which provided an $81 million senior land loan. InterVest provided $33 million worth of mezzanine financing, structured equity solutions and predevelopment costs leading up to this phase.
In another portion completed in April 2024, Park Tower Group opened 35 Commercial Street, a 22-story, 374-unit fully affordable housing community.
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